I am a full-time employee, but I am considering starting a side business for side projects. I don't have anything lined up, but with the way things have gone, something could come up before end of year.
But it might not either.
Is it advisable to go ahead and get all of the legal entity paperwork / government filing tax stuff / LLC stuff done now, and get it out of the way, even though there is a 50/50 chance I may not have any projects (thus income) this year?
In other words, is it normal for some people to have a legal business entity setup on the side on standby, even if they don't have anything in the pipeline yet?
Or should I wait until I 100% have something lined up, but risk losing time waiting for the paperwork to get done?